DEFA14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
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THE KOREA FUND, INC.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
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The following is the text
of slides that may be shown to shareholders of The Korea Fund, Inc.:
Proxy Solicitation, April 2007 |
Background & Manager Identification Process |
Oct 05 Investment Committee Formed & Mercer Investment
Consultants engaged |
Sep 06 Detailed report commissioned on DeAM leading to an Initial
report covering 19 Managers of Korean equities
Oct 06 Manager Long List researched & evaluated on Mercers
quality assessment |
Nov O6 In person beauty parades for 5 managers
Dec 06 Single unanimous choice selected from 3 finalists |
Korea Fund Proxy Solicitation April 2007 |
· Founded in 1970: offices in San Francisco, London, Frankfurt, Hong Kong,
Tokyo & Sydney |
· Member of Allianz Global Investors but operating as an independent |
meritocracy managing US$128.2bn including US$8.8bn from HK |
· Over 200 investment professionals including 52 career analysts supported |
· Strong team-oriented culture, driven by innovative research |
Korea Fund Proxy Solicitation April 2007 |
· 23 years Asian experience: based in HK, Tokyo & Sydney |
· 41 investment professionals including 26 analysts & GrassrootsSM research |
· AGI Korea office AUM US$9bn. With 15 investment professionals |
Korea Fund Proxy Solicitation April 2007 |
Korean investment team based in Hong Kong consisting: CIO |
Chief Portfolio Manager Portfolio Manager
Korean Analyst domestic sectors Regional
Analyst regional small cap. & 5 regional
sector analysts |
Investment Style grounded in bottom-up so therefore growth oriented |
Korea Fund Proxy Solicitation April 2007 |
Your boards in depth analysis identified ROMs: |
1. Idea Generation: deep, sector focussed, proprietary research at both top
down and bottom up levels |
2. Portfolio Construction: driven by a strong research conviction, portfolios
tend to be concentrated in some 35-45 stocks |
3. Implementation: RCMs boutique niche will not hinder dealing |
4. Business Management: clear and observable support is provided the
Asian div. which continues to grow both in terms of human resources and
AUM |
Korea Fund Proxy Solicitation April 2007 |
· Dr Mark Konyn CEO Asia Pacific |
· Raymond Chan CFA CIO Asia Pacific Head of Investment Process and
Performance. |
· Matthew Lee Senior Portfolio Manager 20 years experience pan Asia with
Schroders, Credit Suisse & AXA. |
Brian Shlissel Head of Administration at AGI NY |
Christoph Hofmann Head of Marketing Investment Companies at AGI,
USA |
Korea Fund Proxy Solicitation April 2007 |
RCM seeks to consistently deliver superior investment results using its innovative and
proprietary fundamental and Grassroots research |
RCMs Asian office has provided historically successful results |
Excess Return over the KOSPI 5 vears to Den 31 2006 (Rank! |
RCM Korean Equity* 30.4% (2)
Korean i-share 23.6% (8) |
* Gross of fees (1.5% PA) |
Korea Fund Proxy Solicitation April 2007 |
Investment Management Summary |
1. Impressive & focussed research |
2. Concentrated portfolio construction methodology, driven by
research |
3. Risk management separate from the PM |
4. Strong and expanding Asian presence |
5. A boutique asset management culture under the strong Allianz
umbrella |
6. Historically successful performance in Korea and other markets |
7. Strong and integrated US & local compliance oversight |
8. Infrastructure and US/global marketing support from affiliate AGI particularly in the
Investment companies sector |
Korea Fund Proxy Solicitation April 2007 |
· Investment Manager clearly hampered by the very high proportion of capital
gains |
· Cash pay backs induce the Cascade affect |
· Stock dividends are appropriate for both institutional and retail stockholders
if combined with a cash alternative |
Korea Fund Proxy Solicitation April 2007 |
Julian Reid
Non Executive Chairman
The Korea Fund Inc (NYSE: KF)
Tel: +44 20 7233 1333
Cell: +44 7768 068 200
Email: julianred@btopenworld.com
marketwjisperer@gmail.com |
Korea Fund Proxy Solicitation April 2007 |